Gazprom Sales to Weaken More in 2013: Fitch

Reuters reported that Gazprom is likely to experience a drop in sales in 2013 due to dwindling European demand, according to Fitch Ratings.

As quoted in the market report:

Europe and the FSU remain key markets for Gazprom, which has a monopoly on the export of Russian natural gas. For example, in H212 it generated over 76% of its revenue from sales of gas outside of the Russian Federation, which accounted for only 44% of its gas sales by volume. The drop in European gas volumes and prices was partly caused by litigation by some of its European gas buyers, and price renegotiations and compensation payments that followed.

To view the whole Reuters report, click here.